Posts

Showing posts from June, 2008

Know your rights: New Foreclosure Law Changes in Colorado

Image
For foreclosures started after January 1 2008, the owner no longer has a post-foreclosure sale redemption right. The time allotted to the owner as a post-sale redemption period has been moved prior to the sale, giving owners a longer period of time to cure, and no right to redeem. In the new system, an owner has approximately four months to cure a default in a foreclosure of non-agricultural property, and approximately seven to eight months to cure in a foreclosure of agricultural property.
Better lender responsiveness for cure figures: The new statute requires the foreclosing lender to provide cure figures to borrowers in a more timely manner. Consider a situation where shortly after a lender commences a foreclosure, the borrower files a notice of intent to cure. Under the old statute, a lender could provide cure figures as late as the seventh calendar day prior to the foreclosure sale. If, under the new statute, the borrower files a notice of intent to cure early enough so that the f…

IDXpro 3.0 vs 2.3

The long awaited IDXpro 3.0 is finally here, and sadly I am here to report that it is lagging behind many of the competitors in the market. I am speaking from my own experience using this system to search for homes in Metro Denver (MetrolistMLS).
1- Slow. The Search by map option is slow to say the least, in an attempt to show all the listings on the map, it takes 5-10 seconds for the map to populates (an eternity in Internet time), and every time the capture is changed the map has to go through the process of repopulating for another eternity. The advanced Home search function is not as friendly or as advanced as it should be: the search options are better than basic but they are still limited.
2- Subdivision search. This is one of the most important search features to both Realtors and Home buyers. This search option has two problems it did not have in version 2.3: This option has it's own page in the advanced search section eliminating the possibility of searching by city and sub…

Colorado Feng Shui Concepts in Five Easy Steps

To put the best face on a listing and appeal to buyers who follow feng shui principles, keep these tips in mind:
1. Pay special attention to the front door, which is considered the “mouth of chi” (chi is the “life force” of all things) and one of the most powerful aspects of the entire property. Abundance, blessings, opportunities, and good fortune enter through the front door. It’s also the first impression buyers have of how well the sellers have taken care of the rest of the property. Make sure the area around the front door is swept clean, free of cobwebs and clutter. Make sure all lighting is straight and properly hung. Better yet, light the path leading up to the front door to create an inviting atmosphere.
2. Chi energy can be flushed away wherever there are drains in the home. To keep the good forces of a home in, always keep the toilet seats down and close the doors to bathrooms.
3. The master bed should be in a place of honor, power, and protection, which is farthest from and f…

Myths about home inspections in Colorado

An estimated 70 percent of all homes sold annually receive a home inspection. Still, confusion persists over what the process does, and doesn’t, involve. Here are seven common misconceptions:
1. Licensing ensures a professional home inspection. Wrong. More than 30 states have some form of inspector regulation—but state requirements vary widely. Verifying the inspector’s credentials, experience, and adherence to professional standards is still important, even in a state with licensing. Please keep in mind there is no licensing for home inspectors in Colorado — anyone can claim to be a home inspector
2. A home inspection is designed to identify problems that might be the basis for renegotiating the purchase offer. Wrong. The inspector’s service is primarily one of education, providing buyers with a better understanding of the physical condition of the home and giving them the knowledge to make smart decisions. The inspector’s observations or recommendations might help to dispel buyer anxi…

What Buyers Want to Know About Your House

This advise applies to both Metro Denver Realtors and For Sale By Owners creating their own marketing. Don’t waste your money putting unwanted info into your ads. Here’s what will get buyers to call.
1. Location and neighborhood.
2. Price or price range.
3. Appearance (include multiple pictures).
4. Layout or floor plan.
5. Information about the basement.
6. Number of bedrooms and bathrooms.
7. Size of lot and square footage of house.
8. Details about the community.
9. Amenities and features.
10. Clear and simple contact information. Avoid a laundry list of phone numbers and e-mail addresses.

14 Open House No No's

Open houses represent a large commitment of our times as Realtor, sellers. or FSBO. However, to most real estate agents and some For Sale By Owner sellers it's a casual afterthought consisting of putting an open house sign by the front door and praying for good weather and some of the neighbors to stop by. An Open house is intricate exercise of salesmanship and planning and if you are going to have an open house it will be wise to avoid these pitfalls:
1. Poor visibility. Have enough signs to help people find a tricky street and capture drive-by traffic from all major streets surrounding the home.
2. Insufficient directions. In your advertisements and flyers, give specific directions that take prospective buyers past the nearby golf course or other desirable neighborhood landmarks.
3. Competing events. Make sure the date and time of the open house don’t conflict with a major holiday or sporting event.
4. No giveaway. Provide an item of value, such as an article about a new coffee shop…

Centennial is a Home Rule City by a 2-1 margin

The unofficial results from the June 10 mail-in ballot show the measure to institute Centennial's proposed home-rule charter passed resoundingly by a greater than 2-1 margin."My biggest comment is woohoo!" said an elated Cathy Noon, chair of the elected Centennial Charter Commission, which drafted the municipal constitution."I just want to say this is the most wonderful news for all of us," she told a roomful of cheering commissioners, city officials and other home-rule supporters at a victory party.The mood there already was ecstatic by 7:30 p.m., when initial results showed the charter passing by some 7,000 votes - a far cry from the razor-thin 316-vote margin that created the charter commission last November.Many on both sides of the contentious debate over home rule had predicted a close call either way, and few were certain that the charter would pass at all."I thought it would be closer than this," Noon said. "But I started to get a feeling…

Things To Do When It's Time To Sell Your Denver Home

Exterior and Curb Appeal

• Experts say most buyers make their decision at first sight.


General Exterior

• Buyers will react well to signs your home has been meticulously maintained.
• Manicure landscaping: mow, edge and water lawn, trim hedges, weed and fertilize flowerbeds, and prune trees.
• Keep driveway clean and free of parked cars, and keep the garage door closed.
• Repair or replace loose or damaged roof shingles.
• Minimize cracks or crumbling on walkways, walls, or steps, and keep them clean and free of obstructions like toys or snow.
• Items from RV’s to waste cans left out can contribute to a cluttered or busy appearance. Make sure that from the street, your property appears clear.
• Inspect appearance of interior window coverings from the curb.
• Repair any peeling paint of loose caulking on windows or other areas.
• Take steps to eliminate insect or rodent pests.
• Pick up after your pets and neighborhood animals.


Doorway

• While agents work the lockbox for a key, buyers have idle time…

IDXPro 3.0 Update will launch on: Tuesday 6/17/08

iHOUSE® Denver Metrolist customers are undoubtedly as excited as we are, as they hear more and more about the new version of IDXPro MLS search, soon to release. This version update comes at no additional cost to existing IDXPro customers, so keep an eye out for more information this month! The features they created and enhanced will make an even better user experience for both agent and buyer!
They aimed to improve the already powerful IDXPro bringing the most exciting, effective, and easy–to–use features available today. Look for the Search by Map feature, which allows visitors to select their search area using interactive Google Maps. Another noticeable addition is a highly sophisticated LeadTracker™ system, enabling agents to know who is searching for what listings and when, helping to create optimal communication with HOT, quality leads.
More feedback to follow...

Southeast Denver Home Sale Statistics 2004 to 2008

2004 was a record year in terms of number of home sales in Colorado. So how do we compare in 2008?
The Data included is for southeast metro Denver including: Aurora South (AUS), Douglas County West (DCW), Douglas / Highlands Ranch / Lone Tree (DHL), Dougls / Elbert / Parker (DEP), Denver Southeast (DSE), East Suburban South (ESS), South Suburban Central (SSC), South Suburban East (SSE). Click here for an MLS area map

2004
2006
2007
2008
Total Inventory
7,397
7,925
7,944
8,363
Sales YTD
4,871
4,849
4,750
4,104
Sold Price
326,615
376,654
376,298
346,061

Northeast Denver Home Sale Statistics 2004 to 2008

2004 was a record year in terms of number of home sales in Colorado. So how do we compare in 2008?
The Data included is for northeast metro Denver including: Aurora North (AUN), Brighton and Fort Lupton (BFL), Denver Northeast (DNE), East Suburban North (ESN), North Northeast Suburban (NNE), North Suburban Central (NSC), North Suburban East (NSE). Click here for an MLS area map

2004
2006
2007
2008
Total Inventory
4,031
5,079
4,949
4,380
Sales YTD
2,239
2,303
2,598
2,757
Sold Price
205,208
211,041
205,953
181,132

Southwest Denver Home Sale Statistics 2004 to 2008

2004 was a record year in terms of number of home sales in Colorado. So how do we compare in 2008?
The Data included is for southwest metro Denver including: Denver South West (DSW), Jefferson County South (JFS), Jefferson County South (JSC), Mountain Clear Creek (MCC), Mountain Conifer Pine (MCP), Mountain Evergreen South (MES), Mountain evergreen North (MEN), Mountain Jefferson County (MJC), Mountain Jefferson Sounth (MJS), Mountain Park County (MPC), Mountain Park East (MPE). Click here for an MLS area map

2004
2006
2007
2008
Total Inventory
3,320
3,412
3,090
3,101
Sales YTD
1,879
1,804
1,861
1,676
Sold Price
267,870
289,505
274,626
250,060

Northwest Denver Home Sale Statistics 2004 to 2008

2004 was a record year in terms of number of home sales in Colorado. So how do we compare in 2008?
The Data included is for northwest metro Denver including: Broomfield (BRM), Denver North West (DNW), Downtown Denver (DTD), Jefferson County Central (JFC), Jefferson County West (JFW), Jefferson County North Central (JFN), Lafayette (LAF), Louisville (LSV), Mountain Gilpin County (MGC), Mountain Jefferson North (MJN), North Suburban West (NSW), and Superior (SUP). Click here for an MLS area map



2004
2006
2007
2008
Total Inventory
3,781
3,722
3,447
3,114
Sales YTD
2,375
2,185
2,266
2,015
Sold Price
262,366
276,191
274,713
261,451

Metro Denver MLS MAP

Image
Click on the picture to enlarge


Green Homes in Colorado: Saving Rain Water

Image
Colorado’s hot, dry summer’s weather may mean another round of water shortages. With water restrictions in place, keeping your family’s backyard flower and vegetable gardens moist and viable could be a serious challenge.
Consider purchasing a rain barrel. These heavy-duty plastic or wood barrels catch rainwater and store it until you need it. A rain barrel allows for the practical reuse of water that otherwise would run down your driveway into a street drain, form puddles in your yard or feed into area streams. Reusing rainwater doesn’t just help the environment; it can lower your water bill and teach your kids about the importance of water preservation.
The federal Environmental Protection Agency estimates that lawn and garden watering comprise nearly 40 percent of household water use during the summer, and that a rain barrel can save most homeowners about 1,300 gallons of water during peak summer months.
Because it’s naturally soft and doesn’t contain minerals, chlorine, fluoride or o…

Make The Most of Your Home Photos

In an age where anyone can access the Internet at home, work, coffee shops and even restaurants, the photos Realtors submit with their listings are more important than ever. Homebuyers can search for properties all over the world from the comfort of their living room, which makes it imperative for Realtors listings to have Web curb appeal that stops them in their tracks. The property photos, both interior and exterior, that appear on the MLS system, on any Web site or on the property flyers need to make not just a good impression, but a great one.
“Because the majority of homebuyers are shopping online, quality photos of the property may be the magnet that piques their interest,” said Saber Amine, President of Homes And People. The Denver Metrolist offers the opportunity for the Metrolist MLS subscribers to include up to 10 photos with every listing.”
Here are a few photo tips for Realtors or For Sale By Owners (FSBO), starting with equipment and terminology:
Digital camera: Use a digita…

Vacation Property 1031 Exchange Guidelines

Great News! The IRS will not challenge whether a vacation property qualifies for Section 1031 treatment if certain specified ownership and use requirements are met. The IRS has released Revenue Procedure 2008-16, which provides definite guidelines for a safe harbor vacation property 1031 exchange.
To meet the safe harbor requirements, a taxpayer, during the 24 months prior to the sale of his or her vacation home, or within 24 months after the purchase of their vacation property as a 1031 replacement property, must:
1) Rent the property at fair market rent for a minimum of 14 days during each 12- month period of the 24-month period.
2) Limit personal use of the property during each 12-month period of the 24-month period not to exceed the greater of 14 days or 10 percent of the number of days the property is rented at a fair market rent during each of the two 12-month periods.
The IRS defined personal use to include: the taxpayer or any other person who has an interest in the vacation prope…